PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1609384
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1609384
The global animal genetics market is projected to reach USD 4.19 billion by 2029 from USD 2.97 billion in 2024, at a CAGR of 7.1% during the forecast period. The rising consumption of animal-based products, coupled with the adoption of advanced genetic testing techniques, growing animal welfare initiatives, and the increasing demand for companion animals, is driving the growth of the animal genetics market. This growth reflects a global shift towards improved livestock productivity, better breeding practices, and enhanced animal care. To address the expanding demand for high-quality animal-derived food products, companies are focusing on developing superior sires with desirable quantitative traits. By leveraging advance genetic technologies, businesses aim to create livestock that meets industry demands while reducing production costs and environmental impact. These advancements not only contribute to meeting food security goals but also align with sustainability and animal welfare standards, ensuring a balance between productivity and ethical practices.
Scope of the Report | |
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Years Considered for the Study | 2022-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD million/billion) |
Segments | By animal type, product & service, technology, end user |
Regions covered | North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and GCC Countries |
"Porcine segment accounted for the second largest market share of the animal genetics market in 2023."
The porcine segment held the second-largest market share in the animal genetics market in 2023, driven by the increasing global demand for pork and pork-based products. Rising awareness of the benefits of genetically improved pigs, such as enhanced disease resistance, higher reproductive efficiency, and improved feed conversion rates, has further fueled growth in this segment. Additionally, increased pork production and consumption in major markets, such as China, the United States, and the European Union, has significantly boosted demand for superior porcine breeds. This trend is further supported by the rising popularity of high-quality pork products in emerging economies.
"Genetic testing services is projected to grow at the fastest rate of 8.9% in the animal genetics market during the forecast period."
Genetic testing services are expected to grow at the fastest rate of 8.9% in the animal genetics market during the forecast period. This growth is driven by the increasing emphasis on preventing genetic diseases in animals through advanced testing services, enabling early detection and targeted breeding strategies. Innovations in phenotyping services, which allow detailed analysis of observable traits, are also propelling the demand for genetic testing. These advancements help optimize breeding programs by identifying animals with desirable traits more accurately. Additionally, the rising need for genetic validation in high-value livestock and companion animals further contributes to the rapid expansion of this segment.
"The NGS Technology segment is expected to witness the second highest growth rate of 10.9% in the animal genetics market during the forest period."
The NGS (Next-Generation Sequencing) technology segment is projected to grow at the second highest CAGR of 10.9% in the animal genetics market during the forecast period. This rapid growth is driven by the ability of NGS to analyze entire genomes with high speed and accuracy, making it invaluable for identifying genetic markers and variations. Its applications in genome-wide association studies, parentage verification, and disease susceptibility analysis are fueling its demand. Additionally, the decreasing costs of sequencing and the growing focus on precision breeding to enhance productivity and disease resistance in livestock are further propelling the adoption of NGS in animal genetics.
"In 2023, the Diagnostic Center segment has accounted for the second largest share in the animal genetics market."
In 2023, the Diagnostic Center segment held the second-largest share in the animal genetics market. This is driven by the increasing prevalence of genetic disorders in animals and the growing need for early and accurate diagnosis. Diagnostic centers play a crucial role in offering specialized genetic testing services, enabling better disease management and informed breeding decisions. The rise in pet ownership and livestock health awareness has further boosted the demand for these services. Moreover, advancements in diagnostic tools, such as PCR and microarray technology, have improved the efficiency and accessibility of genetic testing, contributing to the growth of this segment.
"North America region counted for the second largest share in the animal genetics market in 2023."
In 2023, North America accounted for the second-largest share in the animal genetics market, driven by the region's well-established livestock and pet industries. High investments in animal healthcare and advanced breeding programs have significantly contributed to market growth. Additionally, the presence of leading genetic research institutes and companies, along with strong government support for agricultural and veterinary advancements, has bolstered this segment. The increasing adoption of precision farming techniques and the rising demand for high-quality animal products, such as premium meat and dairy, further strengthen North America's position in the animal genetics market.
The break-up of the profile of primary participants in the animal genetics market: Supply-side
The break-up of the profile of primary participants in the animal genetics market: Demand-side
The prominent players in the animal genetics market include Neogen Corporation (US), Genus PLC (UK), Urus (US), andGroupe Grimaud (France).
The report analyzes the animal genetics market and aims at estimating the market size and future growth potential of this market based on segments such as animal type, product & service, technology, end user and region. The report also includes a product portfolio matrix of various animal genetics products available in the market. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, and key market strategies.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall animal genetics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.